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Parliament approves SOFAZâ€™s budget for 2013

30 November 2012 10:41 (UTC +04:00)

According to the draft law on budget of the State Social Protection Fund of Azerbaijan Republic for 2013, revenues and expenditures were approved at AZN 2,632.695 million.

In the structure of the Fund’s revenues, AZN 1,550.161 million or 58.9% falls to share of compulsory state social insurance, AZN 1,077.034 million - allocations from the state budget, AZN 5.5 million - other incomes.

In the structure of the Fund’s expenditures, AZN 2,500.291 million or 95% of total costs falls to the share of payments of pensions. Of this amount, AZN 1,358.480 million will be directed to payment of basic pensions, and AZN 1,141.811 million - the insurance part of pensions.

Note that the revenues and expenses of the Fund for 2012 have been considered at AZN 2,454.3 mln. In the structure of Fund’s revenues, AZN 1,407.5 million or 57.4% falls on compulsory state social insurance, AZN 1,044.3 million or 42.55% - allocations from the state budget. In the structure of the Fund’s expenses, AZN 2,322.540 million or 94.6% of total costs falls to share of labor pensions.

As seen, the Fund's budget for 2013 has been increased by AZN 178.395 million or 7.3%. At the same time, the transfers from the state budget have been lifted by AZN 32.733 million, thus, the main growth falls on social insurance premiums. As for expenses, in the coming year, the payments of pensions will be increased by AZN 177.8 million or 7.7%.